Neobank Bluevine is reporting that it has topped $1 billion in deposits for its SME banking customers.
The Fintech provides FDIC-covered accounts in partnership with Coastal Community Bank. Lines of credit are issued by Celtic Bank, a Utah-chartered Industrial Bank.
Bluevines states that accounts have been attracted to their no-fee, high yield checking accounts. The company says that it now serves over 500,000 business owners and has delivered more than $14 billion in loans.
Bluevine CEO and co-founder Eyal Lifshitz said their accounts evolve into an essential application for people to run their companies. Their approach has been to remove extraneous fees that exist in traditional banking while providing a high-yield return on the accounts.
“In addition, we built a digital-first experience that eliminated the need for even a single branch visit, and integrated a range of sophisticated business features that would empower customers to streamline their financials – supporting the way they prefer to run their companies,” said Lifshitz.
The company said it has added new capabilities in the past year, including a small business credit card and accounts payable. Bluevine has also expanded FDIC insurance coverage on balances up to $3 million (12x the industry standard of $250,000) and added an international payments and FX solution in partnership with Wise.
In November, Bluevine Premier was announced, a service that provides business owners the opportunity to earn 4.25% APY on their Bluevine Business Checking balances up to $3 million.